Sending money to family in Colombia and and not paying taxes in addition to what has been paid in your home country

Avoiding double taxation when sending money to family in Colombia

Always remember that our country has an Exchange Regime, something unique worldwide.

Although it is not always the solution, you should ask your family member to inform the bank, Western Union or other operator you use to transfer money to Colombia, that this money is your wages and that you are sending it to Colombia for your expenses and those of your family even if it is for social security payments. There is a specific report for this.

If the amount is higher because you are sending money to buy real estate, report it as such.

When the proper exchange reporting codes are used, you are less likely to be called to declare in Colombia. Likewise, your family member may claim that these remittances are not his or her own income and thus not be liable for taxes on these remittances, although he or she will still have to file a tax return.


HEA Consulting Colombia is one-stop-shop for foreigners looking to do business in Colombia. We can help with everything from company formation through to tax structures and even legal or visa considerations. If you found this article interesting and would like more , or if you have any further questions, then please don’t hesitate to get in touch so we can help.